término  |
definición |
|
4 empezar lección
|
|
GPM. | OPM. | ROCE. | ROE.
|
|
|
|
4 empezar lección
|
|
|
|
|
Liquidity and gearing ratios: 4 empezar lección
|
|
CR. and QR. | FG. and OG. Financial Gearing. and Operational gearing.
|
|
|
|
4 empezar lección
|
|
Interest cover. | Dividend cover. | Dividend yield. | Price/EPS ratio
|
|
|
|
empezar lección
|
|
=times p.a.
|
|
|
|
empezar lección
|
|
× 365 days COS = Purchases + start inventory - close inventory.
|
|
|
|
empezar lección
|
|
Average Payables ÷ Credit purchases × 365 days
|
|
|
|
empezar lección
|
|
Current Assets ÷ Current Liabilities
|
|
|
|
empezar lección
|
|
(Current Assets less Inventory) ÷ Current Liabilities
|
|
|
|
empezar lección
|
|
|
|
|
|
2 empezar lección
|
|
Fixed costs ÷ variable costs. | Contribution ÷ PBIT. Contribution = Revenue less variable costs.
|
|
|
|
empezar lección
|
|
|
|
|
|
empezar lección
|
|
|
|
|
|
empezar lección
|
|
|
|
|
|
empezar lección
|
|
|
|
|
|
empezar lección
|
|
PBIT ÷ (Average Debt + Average Equity less Current liabilities) Capital employed = Total assets - Current liabilities
|
|
|
|
also: NPM (for ratio analysis) empezar lección
|
|
If operating profit is not given, use the profit figure closest to it.
|
|
|
|
empezar lección
|
|
|
|
|
|
empezar lección
|
|
|
|
|
|
empezar lección
|
|
average receivables ÷ Credit sales
|
|
|
|
empezar lección
|
|
|
|
|
|
empezar lección
|
|
|
|
|
|
empezar lección
|
|
NPM × asset turnover × equity ratio ROE = NPM × AT × ER
|
|
|
|
empezar lección
|
|
Earnings before interest, taxes, depreciation, amortization (inc. goodwill written off)
|
|
|
|
empezar lección
|
|
⋅ 100
|
|
|
Groups of ratios - financial analysis. empezar lección
|
|
Profitability | Liquidity | Efficiency | Gearing | Investor + Conclusion
|
|
|
Financial statements ratios groups: 3 empezar lección
|
|
Profitability | Liquidity | Capital structure (e.g. gearing) PLC The most useful ones are gearing and EPS.
|
|
|
In accordance with IAS 33, listed companies must disclose two types of EPS: 2 empezar lección
|
|
|
|
|
|
empezar lección
|
|
Earnings attributable to ordinary shareholders ÷ Weighted average number of ordinary shares.
|
|
|
|
empezar lección
|
|
At the year-end, an entity may have commitment to issue more ordinary shares. Such commitments include convertible loans or share options.
|
|
|
Calculation of diluted EPS may include: 2 empezar lección
|
|
convertible loans | share options The SBR exam is more likely to focus on the impact of errors on EPS rather than on the calculation of EPS.
|
|
|
|
empezar lección
|
|
CFs from operating activities less capital expenditure.
|
|
|
Additional Performance Measures examples: 2 | APMs empezar lección
|
|
|
|
|
Equity section components (for gearing calculation): 4 (basic ones) empezar lección
|
|
*share capital, retained earnings, other components of equity, non-controlling interest
|
|
|
|
empezar lección
|
|
[(1 + money cost of capital) ÷ (1 + inflation rate)] - 1 Money cost of capital is 15.44% and inflation is 4%. | [(1 + 0.1544) ÷ (1 + 0.04)] - 1 = 0.11 (11%)
|
|
|
WIP/Finished goods/Raw materials Period: empezar lección
|
|
Average value of WIP/FG/RM ÷ COS × 365
|
|
|
|
Divisional performance measure: empezar lección
|
|
Controllable operating profit ÷ Controllable capital employed [total assets less current liabilities]. COP ÷ CCE [TA-CL) Decision: accept project if ROI > cost of capital.
|
|
|
|
empezar lección
|
|
Controllable operating profit less Imputed interest COP - II (TA × COC) Imputed interest = controllable capital employed × cost of capital | Decision: accept the project, if the RI is positive.
|
|
|
|
empezar lección
|
|
NOPAD - (Adjusted capital employed× WACC) A similar but superior measure to RI. | Decision: accept the project if the EVA is positive.
|
|
|
|
empezar lección
|
|
(% of equity × cost of equity) + (% of debt × post-tax cost of debt) (%E × kE) + (%D × p.t. kD)
|
|
|
|
empezar lección
|
|
Average Debt + Average Equity less Current liabilities Average Debt + Average Equity - Current liabilities
|
|
|
|
empezar lección
|
|
current assets + current liabilities
|
|
|
Project decision based on ROI. empezar lección
|
|
If ROI is higher than COC.
|
|
|
|
empezar lección
|
|
hedge value ÷ total position value
|
|
|
|
sale and leaseback empezar lección
|
|
AP × ((FV less PV ALPs) ÷ FV) Apparent profit × ((FV less PV of the annual lease payments)) ÷ Sales price) 1.5 × ((5 - 1.8) ÷ 5) = 0.96 | When the sales proceeds are less than the asset’s FV are treated as a PREPAYMENTS. When the sales proceeds exceed the asset’s FV are treated as ADDITIONAL FINANCING - subtract/add the difference also from PV ALPS.
|
|
|
